From Tenant to Owner: Making the Switch
As posted on: Commercial Property Executive
For the owner of Plow, a popular restaurant in San Francisco’s Potrero Hill neighborhood, peace of mind means owning the building where customers have flocked for nearly a decade.
Joel Bleskacek and Maxine Siu, the restaurant’s owners, had rented their space since 2010. By utilizing the SBA 504 Program, Bleskacek and Siu purchased a property located at 1297 18th St for their restaurant. the 4,000-square-foot property comprises the restaurant space, five apartment units and garages. Plow occupies 75 percent of the asset, and all five residential units are occupied. The remaining space is used for storage and office space.
Bleskacek and Siu provided a 10 percent down payment on the property. TMC Financing, an SBA lender, secured the $2.5 million loan through the Small Business Administration’s 504 program. The fully amortized loan covers the remaining 90 percent of the deal value and provides the borrowers with a long-term fixed interest rate.